As was apparent last week, markets are looking like they cannot handle the new levels again as at 8350, there is not enough results from the recovery in yet to brag about and thus till auto sales actually catch up even Banks could correct just a wee bit though a new range expected 4-6 weeks has finally been established. GAIL has again shocked everyone with a quick move south too giving the rally meme back to Indian Oil and / or ONGC
Cipla and Lupin have a flip side of the pair for a change with DRL setting new highs. In unlisted business away from the direct attraction germaine to Pharma stocks and more in line with the expectations of a stronger dollar all year, FDI inflows have sttrengthened into a consistent $2-3 Bln in new proposals every month. On ground, one is waiting for news of the infra and other capex projects’ take off to become firm gets for every investor to expect.
Update (week of 17-21 nov:) Banknifty has nevertheless moved up expnerating SBI of the baggage and not yet taking to the new hobby of rerating PSU banks as FDI portfolio additions tapoer to 50% from September, and the markets are ready to do the 8450 level ina nopther slow torment in the coming week. Kotak’;s end of the week soiree in announcing a ramp to 1400 branches though combines two stodgy players from the India’s failed credit led expansion decade by and it remains to be seen if Friday will indeed just pass the deal by as HDFC/HDFC Bank peters out to a reduction story and HDFC stands out while FIIs reactivate interest in the exMSCI index component.